Rob Carrick of The Globe and Mail has a good piece about value investors sorting through the trash of Bay Street (Canada's Wall Street). Here's a bit:
Torstar seems to be richly deserving of its consensus “underperform” rating and, in fact, investors who heeded this warning in recent days might have been spared the stock's most recent plunge. Still, Torstar has some influential fans. Noted value investors like Francis Chou, Prem Watsa and the Cundill division of Mackenzie Financial have made the stock a significant portfolio holding, and The Successful Investor newsletter rated it a “buy” in its May edition.
My Torstar exposure is limited to my Fairfax Financial position (which, as I remind you from time to time, has become a free ride for me).
Maybe I'll buy it sometime, but right now there are other stocks tempting me more. And maybe my experience with Media General has me leery of newspaper-related stocks.
One of those is enough. At least for now.
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